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That was the message from Roger Lace, MBA ’75, President, Hamblin Watsa Investment Counsel Ltd., when he described his journey into value investing.

Lace spoke to students in Professor George Athanassakos’ value investing class on January 23 about the value investors who inspired him and the character traits they possessed.

According to Lace, there are six key character traits that make value investors successful:

1)      Courage (not being afraid to take risks);

2)      Faith (believing that value will be recognized over the long term);

3)      Investigative mentality (investigate thoroughly before you invest);

4)      A contrarian streak (ability to go against the grain);

5)      Emotional detachment (not getting involved emotionally in day-to-day price fluctuations);

6)      Patience (the ability to persevere).

He also cited examples of value investors who exhibited those traits.

For instance, Lace said Sir John Templeton, founder of Templeton Mutual Funds, showed a contrarian streak when he advocated buying stock in the Ford Motor Company back in the mid-’80s, at a time when the company was losing money. Templeton said he expected the company’s stock to increase in price dramatically within a few years. He was right. Ford stock went from selling at $7 a share in 1984 to $57 a share in 1987.

“His ability to stand apart from the crowd was truly legendary,” Lace said.

He also learned from Tony Arrell, Chairman of Burgundy Asset Management, the importance of having an investigative mentality. Lace said Arrell made a case for selling Massey Ferguson because his investigation showed the company didn’t have sustainable profits. Within a year, the company was bankrupt and in need of a government bailout.

And since Lace is President of a wholly-owned subsidiary of Fairfax Financial Holdings Limited, one of Canada’s most successful value investing companies, the students took the opportunity to get some mentoring from him.

He discussed his personal philosophy on value investing and offered his most important lesson: always be true to yourself.

“You’ve got to be your own person and not rely on other people’s opinions or media opinions or market opinions,” he said. “You’ve got to work it out yourself and come to your own conclusions.”

Lace’s presentation was part of a value investor speakers’ series organized by Ivey’s Ben Graham Centre for Value Investing.

Photo below: Roger Lace, MBA ’75, President, Hamblin Watsa Investment Counsel Ltd., speaking at Ivey

Students listened, learned and practiced with the help of guest speakers, actors and Ivey faculty at the inaugural HBA Leadership Conference on January 24.

Special guests included Arlene Dickinson, an entrepreneur, author and venture capitalist who is known for her role on CBC’s Dragons’ Den, and General (Ret.) Rick Hillier, former Chief of Defence Staff for the Canadian Forces. Dickinson revealed how she developed three critical pillars of leadership: confidence, character and candour, while Hillier discussed the importance of being candid and the impact of doing so in his leadership experience.

Key components of the day were two hands-on workshops where students gained practical experience. Ivey faculty led one workshop where students were able to observe the 11 dimensions of character in action using clips from the movie Invictus featuring the leadership story of the late Nelson Mandela. A second workshop with professional actors enabled students to practice candour in the workplace through role-playing.

Anne Coughlan, an actor from Supporting Roles, helped students practice candour at work.

“This is just the start. I hope it will open the door to lifelong learning that will distinguish you as a leader,” she told students.

HBA student Nicole Dee said the format appealed to her.

“It was a very good way for us to experience it,” she said. “One of the things I like about Ivey is that it gets us to really experience it, rather than being passive and just listening to a lecture during class. I think this ties in neatly with how Ivey thinks about education.”

The role-playing was the highlight for HBA student Nicholas Zeeb.

“It was just an amazing experience to see these speakers and hear what their perspectives are and then to actually work it out and live it,” he said. “It’s something that you would get in the real world, but this way you get to do it in an environment where there wasn’t any consequences and actually get the experience that you need for the problems that we are probably going to be facing when we get out of here.”

 We’ve captured some of the best quotes of the event:

Arlene Dickinson, entrepreneur, author and part of CBC’s Dragons’ Den

On candour:

“There is a difference between candour that is mean-spirited and that which is trying to help someone. Talk to people from a place of respect and understanding of what they are going through. Candour doesn’t have to be harsh or hurtful. It needs to be direct, plain and simple.”

On confidence:

“Leadership comes from a confidence from within. It’s a journey of self-discovery. It’s about figuring out who you are and being comfortable with that.”

On authenticity:

“You need to show up the same way in business as in life. You need to be authentic.”

General (Ret.) Rick Hillier, former Chief of Defence Staff for the Canadian Forces

On priorities:

“Focus on your people and ensure they bring their minds and bodies to work each day – with that you can change the world.”

On growth:

“Be yourself. Grow, but don’t grow arrogant. Remember who you are. People who are successful worry about remaining a real person.”

On leadership:

“Spend 95 per cent of your time looking after 95 per cent of the people who make your organization successful. If you’re not, you are letting them down and they will look for inspiration somewhere else.”

General (Ret.) Rick Hillier

Surfing on the coast of Chile or taking in the countryside by motorcycle may not be the typical activities of an Ivey MBA, but the takeaways are just as important.

“There is a broader experience than just the classroom,” said Rich Hilsden, one of 29 Ivey MBA students who participated in a recent study trip to South America. “The personal growth element is important to me. This got me out of my comfort zone.”

The two-week international study trip – an elective course in the MBA program – brought students to Lima, Peru; Sao Paulo and Rio de Janeiro, Brazil; and Santiago, Chile from November 30 to December 14. In addition to experiencing the culture, they toured a dozen companies ranging from a family-owned winery to a multinational energy company.

Ivey MBA student Karin Koopmans was particularly impressed by the visit to Metro Santiago in Chile, which is South America’s most extensive subway system. In addition to being in awe of the behind-the-scenes control system, she said the mini-malls at stations added to the customer experience.

“They did a good job of taking an essential service and making it a business,” she said.

Hilsden noted that the competitive business environment forces South American companies to be innovative.

“We can learn a lot from how businesses in developing countries manage things,” he said. “If Metro Santiago wasn’t profitable, it wouldn’t exist. In Canada, we sometimes take things for granted and aren’t as competitive as we could be.”

Innovation was also the theme of artwork in Sao Paulo, Brazil where artists turned scrap metal into figures, furniture and other artwork or adorned houses with trinkets, such as teacups.

“I was impressed with the creativity and how the artists were able to see different purposes for objects,” said Koopmans.

Other highlights of the trip for her were the high-quality food in Peru and the chance to surf the coast of Chile. She even arrived in Peru a few days early and remained in Chile a few days longer than the group so she would have an opportunity to explore on her own and get a more in-depth cultural experience.

Hilsden, too, arrived early and left late so he would have some personal time in South America. An experienced motorcyclist, he rented a motorcycle so that he could explore the countryside in Santiago. Another highlight for him was when a local resident of Lima took him and another student to a restaurant that was free of tourists so they could really experience how the local residents live.

For more on the MBA South America study trip please see International Initiatives.

Photo above: Ivey MBA students in South America

Photo above: A look at the Metro Santiago behind-the-scenes control system (Photo by Karin Koopmans)

Photo above: Graffiti on houses in Valparaiso, Chile (Photo by Karin Koopmans)

Photo above: Ivey MBA students enjoying the scenery

“Don’t ever take it for granted that things have to be organized in a certain way,” said Tanya Kappo, a citizen of the Sturgeon Lake Cree Nation who was involved in the Idle No More movement. “There are different ways of doing things and it doesn’t necessarily mean that one is right and one is wrong. I think as long as you keep that in mind, the conversation that we start, as difficult as it will be – and it will be difficult – (is one where) we can make progress.”

Fresh from a case study on the communications and social media strategies of Idle No More, students heard from Kappo and the The Honourable Bob Rae on several issues, including:

• How non-traditional native leadership comes together with traditional institutions, such as government and business;
• The transformation taking place among native peoples, including the movement to cities, the closer contact with native communities in resource rich areas; and, how Canadian law will give voice to their issues.
• How recent events, such as the death of Nelson Mandela, bring to light the comparison between the South African system of apartheid and Canada’s Indian Act.

We’ve captured some of the best quotes of the event:

Bob Rae on the connection between Canada and South Africa:

“Mandela speaks to us as Canadians. He doesn’t just speak to South Africans. He speaks to us as Canadians because of his dream of a rainbow country. His dream of a country that included everyone. His dream of a country that empowered everyone. This is a dream that applies to us as much as it applies to his country. And that’s something that we need to reflect on as we go forward and as we continue our conversation this morning and as you go forward with your studies.”

Tanya Kappo on the movement:

“In thinking about Idle No More as a movement and in trying to fit it into a paradigm that maybe makes some sense to you – in terms of leadership and organization – I couldn’t quite do it.  I still can’t. The Idle No More movement is more or less a current embodiment of generations of struggle. So how it looks today is not how it looked for my parents and grandparents and it won’t be the same as how it looks for my children either.”

Bob Rae on what comes next:

“The questions now being posed to everyone on all sides of the equation are: ‘What exactly does this mean? How do we create these new partnerships? How do we give people a stake in the new economy?’ Idle No More is a complex movement. It’s a popular phenomenon. It’s outside the framework of The Indian Act. It’s outside the traditional power of the reserve system. It goes beyond traditional leadership, both in the non-indigenous and the indigenous population.”

Tanya Kappo on the future:

“When you think about leadership and communications, there is a valuable structure there for organizations, but also open your minds to think about other forms of leadership. I think when you move ahead in a way that’s more open-minded, it creates the space and the bigger opportunity for more people to be involved. Facing the kind of challenges that we face today with issues like the environment and the economy and what our priority is, and at what expense are we willing to go. We really have to start thinking ahead about our children and our grandchildren.”

The event was part of the Ian O. Ihnatowycz Institute for Leadership in the BMO Financial Group Auditorium.

Since hitting the shelves November 5, TILT: Shifting Your Strategy from Products to Customers has generated numerous interviews ranging from The Globe and Mail in Canada to podcasts in the U.K., U.S. and Australia.

Forbes magazine even placed it fourth on its list of 13 recommended readings for creative leaders in 2013.

The day after its release, the Harvard Business Press book was the second (Kindle) and third (hardcover) bestselling marketing book in the world.

Dawar also attracted a full house to an Ivey Idea Forum  in Toronto on November 27. Part of his official book launch in Canada, Dawar spoke to Ivey alumni and other Toronto-area executives about the premise behind TILT. He was joined by John Watson, Executive Vice President, Customer Operations, Bell Canada, who shared firsthand insights on the importance of a strong customer focus.

Dawar pointed out that an antiquated philosophy has been driving business strategy – one that dates back to when the first factories were built 250 years ago. To absorb the fixed costs of factories, businesses had to move a lot of product. He stressed that today customers choose to buy from companies for reasons beyond product offerings, including “soft factors” such as comfort and ease of doing business. To win the war for customers, he said more attention needs to be placed on the “downstream,” which is the set of business activities companies perform in their interactions with the customers, such as customer acquisition, satisfaction, and retention.

“We may be spending the bulk of our time managing the wrong things. Products allow you to play the game and innovation allows you to stay in the game. What allows you to win is innovation in the downstream,” he said. “I’m not saying that products are not important, but they are difficult to maintain as a competitive advantage.”

For more on TILT:

Watch the Ivey Idea Forum webcast

Visit the TILT website

Read the Ivey Business Journal article

Watch the Faculty Focus video

Read the Harvard Business Review article

Read the Just Marketing Blog

Check out the media coverage:

Forbes

Globe and Mail

The Engaging Brand podcast

RainToday.com podcast

The Bob Morris interview

Customer Centric Marketing for Business podcast

Photo below: John Watson and Niraj Dawar at the Ivey Idea Forum in Toronto

Although seemingly a simple tip from Larry Rosen, CEO of Harry Rosen Inc., it’s one that defines the success of his retail chain known for its high-end menswear. Rosen spoke to a packed auditorium of HBA students at the Ivey Fashion & Retail Conference held on November 23.

The inaugural Ivey Fashion & Retail Conference, presented by TJX Canada, featured a number of fashion industry alumni and industry-related experts and workshops. Centered on “Ethics in Fashion and Retail,” students had the opportunity to learn about the business of Canadian fashion and the ethical challenges facing the industry.

Spencer Low MBA ’03 (Holt Renfrew & Co. Limited), Larry Rosen LLB MBA ’82 (Harry Rosen Inc.), and Lindsay Cook (Joe Fresh), offered their insights and advice in a large-lecture style setting. Through smaller workshop sessions, students were able to interact intimately with a number of fashion and retail representatives to learn more about how to be the change and become ethically involved in the industry.

Beyond the lessons learned and connections made at the conference itself, students promoted the event beforehand by maintaining a social presence, writing a fashion blog and compiling a look-book. These promotions led to significant awareness in the Ivey Community and helped secure sponsorship to host the event.

The overall experience, from initiation to execution, provided a training ground for Ivey students to become tomorrow’s fashion industry leaders and do their ‘one thing’ really, really well.

See photos from the event on the Ivey Fashion Retail Conference Instagram page.

Ideas.

Student teams from the Ivey Connects Community Consulting Project joined forces with local non-profit organizations to undertake consulting projects over a six-week period. With guidance from Accenture, this year’s groups worked with eleven non-profit organizations, such as Southwestern Ontario Stroke Network, The Sunshine Foundation and Boys & Girls Club of London. On November 22, the student groups showcased their work and how these new initiatives are making a difference in the community. Here’s a sampling of their ideas at work:

• One student group worked with the Canadian Cancer Society to create a nationwide corporate volunteerism kit, including a volunteer hour tracking and appreciation system and an annual volunteer report.
• Another group devised a growth and sustainability plan for WOTCH’s Impact Junk Solutions.
• A team also worked with the London Employment Help Centre (LEHC) to launch a new social enterprise offering social media and human resources training to these small- and medium-sized enterprises.

“I was extremely involved in the community when I was in high school, but at Western, it’s easy to get caught up in student life and forget that there’s a world outside of campus.  Therefore, my involvement with CCP helped me remember the importance of being involved in whatever community in which I am a part,” Justine Lee, External Director of Ivey Connects, explained.

The Ivey Community Consulting Project (CCP) gives students a chance to apply their thinking to make a real-world difference and see their ideas in action. The non-profit organizations benefited as well, as they were able to access support they may not have the resources for otherwise. Students discovered the immense opportunity that lies in working with non-profits to utilize their education for a greater good.

“The teams of students from Ivey were great! For our organization they provided such high quality and professional recommendations that I am certain will help Impact Junk Solutions,” said Nick Soave, Operations Lead for Impact Junk. “Impact Junk Solutions has a solid short term strategy setup to meet our goals, and that was due to the hard work of the Ivey Team.”

Now, as Ivey students work through final exams and head home for their winter break, eleven local non-profits can head into their winter rush with a little help undertaking the incredibly important work they do each day.  

Learn more about Ivey Connects

Students with LEHC Representatives. Photo by Justine Lee.

Over 120 alumni volunteers coordinated with the Ivey Alumni Association to set up 53 formal events in 32 cities. Over 1,600 Ivey alumni joined nearly 1,200 current Ivey students to participate in the fourth annual event.

This Global Ivey Day also marked the 15th anniversary of the Cheng Yu Tung Management Institute – Ivey’s Hong Kong campus. Alumni in Hong Kong celebrated the contributions of Henry Cheng, HBA ’71, MBA ’72, Chairman of New World Development.

Among the many events held on Global Ivey Day:

Good Leaders Learn Book Launch

Global Ivey Day was the launch date of Ivey Professor Gerard Seijts ’ new book, Good Leaders Learn: Lessons from Lifetimes of Leadership (Routledge November 2013). The book chronicles the journeys of 31 contemporary leaders from different industries, sectors, and countries on their paths to leadership. Seijts has invited some of the leaders profiled in the book, including Barbara Stymiest, HBA ’78, Chair of the Board of BlackBerry, and Charles Brindamour, CEO of Intact Financial Corporation, to share their lessons on learning to lead in a Toronto-based event that was webcast live to alumni around the world.

Ivey Emerging Leaders Awards

Five Ivey alumni and one Ivey student were recognized by the Ivey Alumni Association for their contributions at three separate 2013 Emerging Leaders Award presentations in Toronto, Hong Kong, and London, Ontario.

2013 Winners:

• Community Advancement – Mariam Hashmi (HBA ’05, MBA ’08)
• Corporate Development – Matthew Logue (HBA ’05)
• Entrepreneurship – Robert Cherun (HBA ’06) & Erik Mikkelsen (HBA ’04)
• Global Impact – Raymond Tam (EMBA ’05)
• Student Leadership – Rich Hilsden (MBA ’14)

For more information on the Emerging Leaders Award Winners visit the website.

Annual Ivey Leadership Award Dinner

In Calgary, Mac Van Wielingen, HBA ’75, Chairman and Director of ARC Financial Corporation, was honoured at the 4^th Annual Calgary Ivey Leadership Award Dinner, as part of the Ivey Alumni Association/Calgary Chapter’s Global Ivey Day event. Proceeds from the Dinner support scholarships for an Ivey MBA and HBA student and the Calgary Alumni Chapter.

View video for Van Wielingen’s award presentation

A lasting impact

“This year’s celebration grew substantially and now is now the largest means of engagement for Ivey alumni,” says Bill Hennessey, HBA ’06 and co-chair of the Global Ivey Day task force. “It’s not only an annual ritual for Ivey alumni, but alumni of other business schools are starting to take note. I had a friend who graduated from another business school send me an email wondering if he could attend this year.”

Social media captured the global experience as it was happening, with Tweet boards posted to connect alums with one another across the various events. Over 100 users contributed to the conversation posting around 500 thoughts and photos with the hashtag #GID2013.

View these posts at www.iveyday.ca/social/ Photos from events around the world are posted on the Global Ivey Day Facebook Page.

Special thanks to all student and alumni volunteers, the Global Ivey Day staff team and event sponsors: Deloitte, CIBC, Manulife Financial, Merrill DataSite, Sun Life Financial, and BMO Capital Markets. Mark your calendars: The fifth annual Global Ivey Day will be held on November 13, 2014.

That’s why leaders from a wide range of sectors – from non-profit organizations to entrepreneurs – shared their own personal tools for making a difference at the Ivey Leaders Forum 2013.

Organized by Ivey HBA students, the two-day forum on November 7 and 8 featured an array of speakers and break-out sessions aimed to help students become better global thinkers, sustainable actors and motivational leaders.

Nora Aufreiter, HBA ’81, Partner and Leader of McKinsey & Company’s Toronto office, and Gord Lambert, Executive Advisor of Sustainability and Innovation, Suncor Energy Inc., were both keynote speakers at the event.

• Aufreiter shared advice on being an inspiring leader and finding the right career path
• Lambert discussed new skills and tools needed for developing the future energy sector.

Here are some of their key messages:

Embrace what makes you different

Companies spend a lot of time thinking about what makes them different from their competitors and using those distinctions to their advantage. Aufreiter said students should follow suit when thinking about their careers. She said she developed criteria for her own career search that captured what she was good at and the kind of culture she wanted to work in.

“It’s easy to chase the job trail, but you need to take the time to honestly consider what you want from your career,” she said. “It’s important to have a vision and reflect on that vision because the choices you make now will open or close doors for you.”

Be an inspiration

In addition to having a vision, Aufreiter stressed leaders need to execute that vision by communicating it effectively.

“If you can paint a picture that’s truly inspiring, everyone will stretch out to meet it,” she said.

Break down silos

Citing how differing views on the Keystone XL pipeline project have created a rift between people, Lambert said finding ways to bridge the gaps between groups is critical.

“With energy, we need to create new models for collaboration and convene different parties,” he said. “Leaders of the future need to bridge across the silos and bring people together.”

Focus on the fire in your belly

Lambert said he once came to a fork in the road on his career path when he was on track for an important role, but knew it wasn’t what he wanted. He ultimately decided not to pursue it.

“Follow your passion and define what success looks like for you,” he said.

For more on Ivey Leaders Forum 2013, visit http://www.iveyleadersforum.com/.

 Photos: Nora Aufreiter (above) and Gord Lambert (below) at Ivey Leaders Forum 2013.